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Press Release: We Can't Afford Four More Years Of Obama's China Policies

October 13, 2012

"Four years after promising to take China 'to the mat' for its manipulative currency practices, President Obama has once again failed to live up to his word. While American workers and businesses suffer and China continues to cheat without consequence, there is no leadership to be found in the White House. We can't afford another four years of President Obama's failure to stand up to China. Mitt Romney will do it on day one of his presidency." —Andrea Saul, Romney Campaign Spokesperson

Yesterday, President Obama Pushed Off His Latest Opportunity To Label China A Currency Manipulator Until After The Election:

The Obama Administration Announced It Would Delay Yet Another Opportunity To Label China A Currency Manipulator. "The Obama administration is delaying a decision that had been due Monday on whether China is manipulating its currency to gain trade advantages. The Treasury Department says the decision will now come after global finance officials meet in early November." ("Administration Delays China Currency Report," The Associated Press, 10/12/12)

"The Delay Means The Decision Will Not Likely Come Until After The Nov. 6 Presidential Election." ("Administration Delays China Currency Report," The Associated Press, 10/12/12)

President Obama Has Refused To Stop China's Cheating At Least Seven Times Since Entering Office:

Under President Obama, The United States Treasury Department Has Refused To Label China A Currency Manipulator Seven Times. (Los Angeles Times, 5/25/12; Reuters, 12/28/11; MarketWatch, 5/27/11; New York Times, 2/04/11; MarketWatch, 7/8/10; USA Today, 10/15/09; Reuters, 4/15/09)

Senator Sherrod Brown (D-OH): "The U.S. Treasury Department Has Given China A Free Pass When It Comes To Its Currency Manipulation." "'Once again, the U.S. Treasury Department has given China a free pass when it comes to its currency manipulation,' Brown said. 'While we're seeing American manufacturing rebound, China is stepping up its efforts in a number of critical sectors, including clean and solar energy, advanced manufacturing, and auto parts.'" (Sen. Sherrod Brown, Press Release, 5/25/12)

While President Obama Has Refused To Act, American Jobs Have Vanished And China Has Become The World's Top Manufacturing Country:

The Washington Post: "China's Policy Has Probably Cost Americans Hundreds Of Thousands Of Jobs And Contributed To China's Destabilizing Pile Of Trillions Of Dollars In Reserves." "China's undervalued renminbi is a long-standing, bipartisan concern, and it is not a phony one: In pursuit of growth led by exports, China has held the renminbi down in relation to the dollar, rendering its goods artificially cheap in the U.S. market. The renminbi would gain about 20 percent against the dollar if it were allowed to float freely like other currencies, according to the Peterson Institute for International Economics. China's policy has probably cost Americans hundreds of thousands of jobs and contributed to China's destabilizing pile of trillions of dollars in reserves." (Editorial, "Breaking China?" The Washington Post, 8/31/11)

In 2011, Reports Confirmed That China Has Become "The World's Top Manufacturing Country" — Ending The United States' "110-Year Run." "China has become the world's top manufacturing country by output, returning the country to the position it occupied in the early 19th century and ending the US's 110-year run as the largest goods producer." (Peter Marsh, "China Noses Ahead As Top Goods Producer," Financial Times, 3/13/11)

  • Since President Obama Took Office, The United States Has Lost 610,000 Manufacturing Jobs. (Bureau of Labor Statistics, 10/12/12)
  • Under President Obama, Ohio Has Lost 12,300 Manufacturing Jobs. (Bureau of Labor Statistics, 10/12/12)

Why Is President Obama Putting Politics Ahead Of American Workers? He's Afraid Of Embarrassing China:

President Obama Said He Wouldn't Declare China A Currency Manipulator Because He Didn't Want To "Go Out Of Our Way To Embarrass" China. "President Barack Obama, addressing questions Wednesday about China's alleged trade abuses and currency manipulation, said the United States must push back against unfair practices but not 'go out of our way to embarrass' the country." (Henry J. Gomez, "President Barack Obama Warns Against Embarrassing China On Trade Complaints," The Cleveland Plain Dealer, 9/27/12)

FLASHBACK: Candidate Obama, In 2007: "If They're Manipulating Their Currency ... We Take Them To The Mat..." OBAMA: "China is a competitor, but they don't have an enemy, as long as we understand that they are going to be negotiating aggressively for their advantage, and we've got to have a president in the White House who's negotiating to make sure that we're looking after American workers. That means enforcing our trade agreements; it means that if they're manipulating their currency, that we take them to the mat on the that issue..." (Senator Barack Obama, Remarks, Chicago, IL, 8/7/07)

Mitt Romney, Press Release: We Can't Afford Four More Years Of Obama's China Policies Online by Gerhard Peters and John T. Woolley, The American Presidency Project https://www.presidency.ucsb.edu/node/303621

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